Crypto-Currencies: Bitcoin, Litecoin and Ethereum for December 29th

Crypto-Currencies: Bitcoin, Litecoin and Ethereum for December 29th

I plan to cover just three cryptos every week in this post: Bitcoin, Litecoin, and Ethereum. These instruments provide trading opportunities with out sized gains. I hope the analysis presented here helps you profit in these instruments.

Happy New Year to All – wishing you and yours all the best for 2020 and beyond!!

BTCUSD — A candidate low is in place and a possible break and convergence of the middle bollie is in progress. End of year re-balancing in the next few days should press BTC higher  into the monthly pivot. A break of the declining resistance trend line is bullish and would complete the retracement. Not a bad swing long setup with a stop below the low here.  Looking for higher into next year and 15,000. Monthly pivot once confirmed will need to hold as support

 

ETHUSD — No positive D yet here on ETH, and if seen this provides a stronger long setup. If we see the lower low, watch for a reversal around the 131 area. Look for a possible rally in BTC and we could turn higher directly. The compression pattern that is forming should expand and the declining resistance trend line should break up.  If we see the lower low, watch for a reversal around the 131 area.

 

LTCUSD – Also no positive D here on LTC and I am still watching for a break up above the declining resistance trend line this week which would confirm a reversal. LTC is in a compression pattern and I am expecting the pattern to expand to the upside. LTC is oversold and a marginal lower low provides a stronger setup if seen. If we convert the middle band we head higher directly.

 

Compression is present on all charts which is an indication of a coming move. My lean is higher directly and if seen the positive D may not happen on ETH and LTC. Have a Hppy New Year and  Trade Smart and Trade Safe.

About the Author

Stan Nabozny
Stan is a 20 year retail trading veteran and Co-Founder of The Art of Chart. His specialties include using futures and options to trade Energies, Precious Metals, Equities, Currencies, Bonds, Softs, Grains and other commodities. Stan believes that Risk Management and Trader Psychology are more important that technical analysis and spends his time teaching and coaching other traders on these topics . Stan uses various trading systems and technical analysis approaches that integrate time and price in his work. See his latest articles here and www.huffingtonpost.com.

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